Contribution to Book
Agent-Based Computational Modeling and Macroeconomics
Post- Walrasian Macroeconomics: Beyond the Dynamic Stochastic General Equilibrium Model
Document Type
Book Chapter
Disciplines
Publication Version
Published Version
Publication Date
1-1-2006
Editors
David Colander
Publisher
Cambridge University Press
Place of Publication
Cambridge, UK
Abstract
How should economists model the relationship between macroeconomic phenomena and microeconomic structure? Economists have been struggling to answer this question for decades. Nevertheless, the Walrasian equilibrium model devised by the nineteenth century French economist Leon Walras (1834-1910) still remains the fundamental paradigm that frames the way many economists think about this issue. Competitive models directly adopt the paradigm. Imperfectly competitive models typically adopt the paradigm as a benchmark of coordination success. Although often critiqued for its excessive abstraction and lack of empirical salience, the paradigm has persisted.
Copyright Owner
Cambridge University Press
Copyright Date
2006
Language
en
File Format
application/pdf
Citation Information
Leigh Tesfatsion. "Agent-Based Computational Modeling and Macroeconomics" Post- Walrasian Macroeconomics: Beyond the Dynamic Stochastic General Equilibrium Model (2006) p. 175 - 202 Available at: http://works.bepress.com/leigh-tesfatsion/98/
This chapter is published as Leigh Tesfatsion, “Agent-Based Computational Modeling and Macroeconomics,” pp. 175-202 in David Colander (Ed.), Post- Walrasian Macroeconomics: Beyond the Dynamic Stochastic General Equilibrium Model , Cambridge University Press, Cambridge, UK, 2006. Posted with permission.